SEC NEWS DIGEST
Issue 2007-185 September 25, 2007
COMMISSION ANNOUNCEMENTS
SEC CHAIRMAN COX ANNOUNCES LANDMARK PROGRESS IN PROVIDING INSTANT,
USER-FRIENDLY ACCESS TO FINANCIAL REPORTING INFORMATION FOR INVESTORS
The promise of investor-friendly financial reporting moved closer to
reality today as Securities and Exchange Commission Chairman
Christopher Cox announced the completion of all work on developing
data tags for the entire system of U.S. generally accepted accounting
principles. The announcement came at a New York press conference
attended by Chairman Cox, whose agency has strongly supported the use
of data tags in financial reporting by U.S. public companies.
"This is a great step toward making SEC reporting easier for
registrants and easier to understand for every investor," said SEC
Chairman Christopher Cox. "I commend the remarkable efforts of the
XBRL US project team for their leadership in the private sector in
perfecting this globally accepted technological means for exchanging
financial data, and also the Financial Accounting Foundation and the
Financial Accounting Standards Board for the expertise in U.S. GAAP
that they contributed to this project."
What colloquially is termed "interactive data" is the use of computer-
coded "tags", written in the XBRL computer language, that each
correspond to a unique accounting concept. The use of the tags makes
it possible for investors, analysts, and others to download financial
reports filed with the SEC directly into spreadsheets in Excel and
other popular software, and to use other web tools and specialty
software to do instant financial comparisons across entire industries.
The SEC has committed to transform its vast database of financial
information, nicknamed EDGAR, into interactive data format.
For over two years, the SEC has permitted public companies to file
their financial reports with the agency in interactive data format, as
part of a pilot program. Recently, the market capitalization of
companies participating in the voluntary program topped $2 trillion.
The collection of data tags being used for current filings on the
SEC's EDGAR system, however, is relatively simplistic, using
approximately 2,500 unique elements. That has required many companies
to write their own custom tags, called extensions, to accurately
represent their statements.
The work that was completed today has mapped every element of the
entire system of U.S. Generally Accepted Accounting Principles,
administered by the Financial Accounting Standards Board in Norwalk,
CT, to a unique data tag. The achievement of this milestone means that
public companies can more easily tag their financials. And it brings
automated financial reporting to the SEC - as well as increased
usability of financial statement for investors - one step closer to
reality.
A review for GAAP compliance by the FAF (Financial Accounting
Foundation) is nearing completion, and critical stakeholder groups
including analysts, public company preparers and software providers
will be reviewing the draft taxonomies first, before a broad-based
public review is initiated. (Press Rel. 2007-200)
CHAIRMAN COX TO TESTIFY
Christopher Cox, Chairman, U.S. Securities and Exchange Commission,
will testify before the Senate Committee on Banking, Housing, and
Urban Affairs on Wednesday, Sept. 26, 2007. Chairman Cox's testimony,
which concerns credit rating agencies, will be delivered at a hearing
of the Committee in Room 538 of the Dirksen Senate Office Building at
9:30 a.m.
RULES AND RELATED MATTERS
SEC PROPOSES INTERPRETIVE RULE UNDER THE ADVISERS ACT AFFECTING
BROKER-DEALERS
On September 24, the Commission issued a release proposing to amend
rule 202(a)(11)-1 under the Investment Advisers Act of 1940 (Advisers
Act) that addresses the application of the Advisers Act to certain
activities of broker-dealers. The proposal would reinstate three
interpretive provisions of a rule that was vacated by a recent court
opinion. One provision would clarify that a broker-dealer that
exercises investment discretion with respect to an account or charges
a separate fee, or separately contracts, for advisory services
provides investment advice that is not "solely incidental to" its
business as a broker-dealer within the meaning of section
202(a)(11)(C) of the Advisers Act. The second provision would clarify
that a broker-dealer does not receive "special compensation" within
the meaning of section 202(a)(11)(C) of the Advisers Act solely
because it charges a commission for discount brokerage services that
is less than it charges for full-service brokerage. The third
provision would clarify that a registered broker-dealer is an
investment adviser solely with respect to those accounts for which it
provides services that subject it to the Advisers Act. Comments on
these proposals should be received by the Commission on or before
November 2, 2007.
FOR FURTHER INFORMATION, PLEASE CONTACT: Vincent M. Meehan, Senior
Counsel, at 202-551-6787, IArules@sec.gov, Office of Investment
Adviser Regulation, Division of Investment Management. (Rel. IA-2652;
File No. S7-22-07)
SEC ADOPTS TEMPORARY RULE REGARDING PRINCIPAL TRADING FOR INVESTMENT
ADVISERS WITH CERTAIN ADVISORY ACCOUNTS
On September 24, the Commission issued a release adopting an interim
final temporary rule under the Investment Advisers Act of 1940 as part
of its response to a recent court decision of the U.S. Court of
Appeals for the District of Columbia Circuit in Financial Planning
Association v. SEC (482 F.3d 481 (D.C. Cir. 2007)), which provided
that fee-based brokerage accounts were not advisory accounts and were
thus not subject to the Advisers Act. The temporary rule provides an
alternative method for investment advisers that are registered with
the Commission as broker-dealers to meet the requirements of Advisers
Act section 206(3) when they act in a principal capacity with respect
to transactions with certain of their advisory clients.
Temporary rule 206(3)-3T permits an adviser, with respect to a non-
discretionary advisory account only, to comply with section 206(3) by:
(i) making certain written disclosures; (ii) obtaining written,
revocable consent from the client prospectively authorizing the
adviser to enter into principal transactions; (iii) making certain
oral or written disclosures and obtaining the client's consent orally
or in writing prior to the execution of each principal transaction;
(iv) sending to the client confirmation statements disclosing
specified information; and (v) delivering to the client an annual
report itemizing the principal transactions.
The effective date of the rule is Sept. 30, 2007. Absent further
Commission action, the temporary rule will expire and no longer be
effective on Dec. 31, 2009.
FOR FURTHER INFORMATION CONTACT: Matthew N. Goldin, Attorney, at 202-
551-6787, IArules@sec.gov, Office of Investment Adviser Regulation,
Division of Investment Management. (Rel. IA-2653; File No. S7-23-07)
ENFORCEMENT PROCEEDINGS
IN THE MATTER OF MICHAEL VALLONE
On September 24, the Commission issued an Order Instituting
Administrative Proceedings Pursuant to Section 15(b) of the Securities
Exchange Act of 1934, Making Findings and Imposing Remedial Sanctions
(Order) against Michael Vallone. Vallone is an Illinois resident and
Executive Director of Heritage America. Since at least March 2002,
Vallone used various entities to deposit investors' funds into the
Capital Holdings offering for which he earned commissions. The Order
finds that on Aug. 22, 2007, a judgment was entered against Vallone
permanently enjoining him from future violations of Sections 5(a),
5(c) and 17(a) of the Securities Act of 1933 (Securities Act) [15
U.S.C. §§ 77e(a), 77e(c) and 77q(a)], and Sections 10(b) and 15(a) of
the Securities Exchange Act of 1934 (Exchange Act) [15 U.S.C. §§
78j(b) and 78o(a)] and Rule 10b-5 promulgated thereunder [17 C.F.R. §
240.10b-5], in the civil action captioned SEC v. Capital Holdings,
L.L.C., et al., Civil Action No. 03-RB-0923, in the United States
District Court for the District of Colorado. The Commission's
complaint alleged that Capital Holdings, L.L.C., Smitty's Investments,
LLC, Capital Holdings Int, LLC and Monarch Capital Holdings LLC, and
their principals defrauded investors by falsely promising that: (1)
investor funds would be used as collateral to facilitate leveraged
trading of financial instruments issued by major banks and governments
and that investors would share in the trading profits; (2) investors
would earn a fixed monthly return ranging from 2% to 15%; (3) the
safety of invested principal would be guaranteed; and (4) investors'
funds would be fully insured. The Complaint also alleged that there is
no trading program and that the defendants regularly paid undisclosed
sales commissions, Ponzi payments and personal expenses with investor
funds.
Based on the above, the Order bars Vallone from association with any
broker or dealer. Michael Vallone consented to the issuance of the
Order without admitting or denying any of the findings in the Order.
(Rel. 34-56514; File No. 3-12823)
SEC CHARGES RYAN D. GOLDBERG AND MICHAEL H. GRADY WITH MUTUAL FUND
LATE TRADING SCHEME
On September 25, the Commission issued an Order Instituting
Administrative and Cease-and-Desist Proceedings, Making Findings, and
Imposing Remedial Sanctions and a Cease-and-Desist Order Pursuant to
Sections 15(b) and 21C of the Securities Exchange Act of 1934, and
Sections 9(b) and 9(f) of the Investment Company Act of 1940 (Order)
against Ryan D. Goldberg and Michael H. Grady, both of New York City
(collectively, Respondents). Without admitting or denying the
Commission's findings, the Respondents consented to the sanctions and
cease-and-desist order imposed by the Order.
This matter involves unlawful late trading of mutual fund shares by
Goldberg and Grady, formerly registered representatives and Executive
Vice Presidents of Brean Murray & Co., Inc. (Brean Murray), a
registered broker-dealer, and principals of an investment adviser
formerly registered with the state of New York (Investment Adviser).
The Order finds that, between August 2001 and September 2003, Goldberg
and Grady engaged in a late trading scheme on behalf of certain market
timing customers, including the hedge fund Canary Capital Partners,
LLC (Canary), and at least four other hedge funds.
Late trading refers to the practice of placing orders to buy, redeem,
or exchange mutual fund shares after the time as of which a mutual
fund has calculated its net asset value (NAV), usually as of the close
of trading at 4:00 p.m. Eastern Time (ET), but receiving the price
based on the prior NAV already determined as of 4:00 p.m. The Order
finds that Goldberg and Grady, through Brean Murray and the Investment
Adviser, negotiated more than $1.8 billion in market timing capacity
with more than 20 mutual fund complexes, and then accepted and
executed more than 4,100 late trades in dozens of mutual funds after
4:00 p.m. ET. The Respondents accepted and placed the great majority
of the trades after 5:00 p.m., using Bear Stearns Securities Corp.
(Bear Stearns), the clearing broker for Brean Murray and the
Investment Adviser. Each of these trades improperly received the
current day's NAV rather than the next trading day's NAV as required
by law. The Order further finds that Goldberg and Grady used Brean
Murray's late trading capability as a marketing tool. For example,
after developing the Canary relationship, Goldberg and Grady made a
pitch for another hedge fund's business, using late trading as a
selling point. During the course of the late trading scheme, Goldberg
and Grady each received more than $2.1 million in fees.
Based on the above, the Order finds that Goldberg and Grady each
willfully violated Section 10(b) of the Securities Exchange Act of
1934 and Rule 10b-5 thereunder, the antifraud provisions, as well as
willfully aided and abetted and caused Bear Stearns' violations of
Rule 22c-1 under the Investment Company Act of 1940, the mutual fund
pricing provision. The Commission ordered Goldberg and Grady to cease
and desist from committing or causing any violations and any future
violations of these provisions. The Order also requires Goldberg and
Grady to each pay disgorgement of $2,116,705, plus prejudgment
interest in the amount of $473,282, for a total of $2,589,987, but
payment of the entire amount is waived as to Goldberg, and all but
$25,000 is waived as to Grady, and civil penalties are not imposed on
either, based on the Respondents' sworn representations in their
statements of financial condition and other documents submitted to the
Commission.
The Order also bars both Goldberg and Grady from association with any
broker or dealer, and prohibits each from serving or acting as an
employee, officer, director, member of an advisory board, investment
adviser or depositor of, or principal underwriter for, a registered
investment company or affiliated person of such investment adviser,
depositor, or principal underwriter, with the right to reapply for
association after three years. (Rels. 34-56518; IC-27980; File No. 3-
12824)
EDS SETTLES TO SEC CEASE-AND-DESIST ORDER RELATING TO ISSUER
REPORTING, BOOKS-AND-RECORDS, AND REGULATION FD VIOLATIONS
FORMER PRESIDENT OF EDS'S INDIAN SUBSIDIARY SETTLES SEC INJUNCTIVE
ACTION RELATING TO VIOLATIONS OF THE FOREIGN CORRUPT PRACTICES ACT
EDS Agrees to Pay $490,902 in Disgorgement and Prejudgment Interest
and Former President of EDS Indian Subsidiary Agrees to Pay a $70,000
Penalty
On September 25, the Commission instituted administrative proceedings
against Electronic Data Systems Corp. (EDS) for various violations of
the issuer reporting and books-and-records provisions of the federal
securities laws. Simultaneously with the institution of the
proceedings, EDS consented to the entry of an SEC cease-and-desist
order that provides for disgorgement and prejudgment interest of
$490,902. The SEC also announced that it filed a settled civil action
in United States District Court for the District of Columbia against
Chandramowli Srinivasan, the former president of A.T. Kearney India
(ATKI), which was an EDS subsidiary at the time, relating to his role
in a bribery scheme.
The Commission order finds that EDS engaged in the following
misconduct:
* EDS failed to disclose the cost of certain derivatives
contracts for the first and second quarters of 2002, and then
selectively disclosed the cost and early settlement in the third
quarter of 2002. As part of its plan to manage its employee stock
option program, EDS entered into derivatives contracts to
purchase its own shares. By the end of the first quarter of 2002,
EDS expected to pay $265 million to settle the outstanding
contracts. However EDS's Form 10-Q for that quarter did not
include any mention of those transactions. As of the end of the
second quarter of 2002, EDS expected to pay over $317 million to
settle the outstanding derivatives contracts. Though EDS made
some limited disclosures regarding the contracts in its Form 10-Q
for the second quarter, those disclosures were ambiguous and
incomplete. After the derivatives contracts' trigger provisions
went into effect on September 18, 2002, EDS was required
immediately to settle the outstanding transactions at a cost of
over $225 million. EDS personnel selectively disclosed this
payment to securities analysts from three broker-dealer firms on
September 19 and September 23, 2002.
* EDS failed to adequately disclose in its Form 10-Q for the
second quarter of 2002 an extraordinary transaction that
comprised over 25 percent of EDS's operating cash flow in the
first six months of 2002. Pursuant to the terms of the
transaction, an EDS customer advanced EDS $200 million in return
for EDS's agreement to give the customer monthly credits totaling
approximately $221 million. The transaction also included a
credit rating trigger that could require EDS to refund the
prepayment if its credit rating dropped by five levels. At the
time that EDS filed its Form 10-Q for the second quarter of 2002,
EDS's credit rating was under review for possible downgrade.
Though EDS made some disclosures in this filing relating to the
advance, it did not disclose that one advance from a customer
that was potentially refundable comprised a material portion of
its cash flow.
* EDS maintained inaccurate books and records by employing
certain inaccurate assumptions in accounting models used to
estimate revenues and expenses for the company's multi-billion
dollar Navy/Marine Corps Intranet (NMCI) contract. The first and
second quarter 2002 accounting models assumed that EDS would
deploy 160,000 intranet workstations over the life of the
contract, which was inconsistent with the higher seat levels
contemplated by the NMCI contract and EDS's expectations.
* The order and the Commission's complaint against Srinivasan
state that between early 2001 and September 2003, ATKI made at
least $720,000 in illicit payments to senior employees of Indian
state-owned enterprises to retain its business with those
enterprises. ATKI made these payments at the direction of
Srinivasan after the senior employees threatened to cancel the
contracts with ATKI. These payments, which caused EDS to maintain
inaccurate books and records, allowed ATKI to maintain the
contracts, from which it derived about $358,880 in profits.
As a result of the above, the Commission finds that EDS, which did not
admit or deny the charges, violated Sections 13(a) and 13(b)(2)(A) of
the Securities Exchange Act of 1934 (Exchange Act) and Exchange Act
Rules 12b-20, 13a-13, and Regulation FD. EDS was also ordered to pay
$358,800 in disgorgement and $132,102 in prejudgment interest.
Srinivasan, also on a neither admit nor deny basis, consented to the
entry of a final judgment enjoining him from violating Exchange Act
Sections 13(b)(5) and 30A and ordering him to pay a $70,000 penalty.
[SEC v. Chandramowli Srinivasan, Civil Action No. 1:07-CV-01699 (RBW)
(D.D.C.] (LR-20296; AAE Rel. 2726); Rel. 34-56519; AAE Rel. 2725; File
No. 3-12825)
IN THE MATTER OF FINANCIAL DESIGN ASSOCIATES, INC. AND ALBERT L.
COLES, JR.
On September 25, the Commission issued an Order Instituting
Administrative and Cease-And-Desist Proceedings, Making Findings, and
Imposing Remedial Sanctions and a Cease-and-Desist Order Pursuant to
Sections 203(e), 203(f), and 203(k) of the Investment Advisers Act of
1940 against Financial Design Associates, Inc. (FDA) and Albert L.
Coles, Jr. (Coles).
The Order finds that Coles and his investment advisory firm, FDA,
failed to disclose to FDA clients payments Coles received from a
company in which he advised FDA clients to invest. Between 2002 and
2006, Coles received approximately $361,307 in undisclosed referral
fees, and accrued interest on the fees, from this company. Coles and
FDA falsely represented in various client disclosures, including FDA's
Form ADV, that FDA and Coles were compensated solely by FDA clients
and received no payments for the investments recommended by FDA. The
undisclosed payments created a conflict of interest compromising the
objectivity of FDA's investment recommendations to clients.
Based on the above, the Order censures FDA and Coles and directs them
to cease and desist from committing or causing any violations and any
future violations of Sections 206(1), 206(2) and 207 of the Advisers
Act. The Order also directs Coles to pay $361,307 in disgorgement and
a $40,000 civil penalty. FDA is further directed to provide a copy of
the Order to existing and new FDA clients for a period of one year.
FDA and Coles consented to the issuance of the Order without admitting
or denying any of the findings. (Rel. IA-2654; File No. 3-12827)
SEC INSTITUTES ADMINISTRATIVE PROCEEDING AGAINST BYRON S. RAINNER AND
FILES CIVIL INJUNCTIVE ACTION AGAINST MOHAMAD ZEIN AND PROVIDENT
CAPITAL INVESTMENTS INC., FOR FRAUD IN CONNECTION WITH INVESTMENTS
MADE BY THE SHERIFF'S OFFICE OF FULTON COUNTY, GEORGIA
On September 25, the Commission issued an Order Instituting
Proceedings Pursuant to Section 15(b) of the Securities Exchange Act
of 1934 and Section 203(f) of the Investment Advisers Act of 1940 and
Notice of Hearing (Order) against Byron S. Rainner. In the Order the
Division of Enforcement (Division) alleges that from February 2000
through January 2004, Rainner was a registered representative
associated with a life insurance corporation registered with the
Commission as a broker-dealer and an investment adviser. The Division
further alleges that on February 9, 2006, Rainner, in connection with
his role in defrauding the Sheriff's Office of Fulton County, Georgia
(FCSO), pled guilty to one count of wire fraud in violation of Title
18 United States Code Section 1343, before the United States District
Court for the Northern District of Georgia, in United States v. Byron
S. Rainner, Case No. 1:05-CR-29-WBH. The Division further alleges that
on November 20, 2006, a judgment in the criminal case was entered
against Rainner and that he was sentenced to a prison term of 30
months followed by three years of supervised probation and ordered to
make restitution in the amount of $2,036,134.
A hearing will be scheduled before an administrative law judge to
determine whether the allegations contained in the Order are true, to
provide Rainner an opportunity to respond to these allegations, and to
determine what sanctions, if any, are appropriate and in the public
interest. As directed by the Commission, an administrative law judge
shall issue an initial decision in this matter no later than 210 days
from the date of service of the Order Instituting Proceedings.
The Commission also announced the filing of a complaint in the United
States District Court for the Northern District of Georgia against
Mohamad Zein and Provident Capital Investments Inc. (Provident) for
their role in defrauding the FCSO. The Commission's complaint alleges
that Zein and Provident made misrepresentations of material fact to
the FCSO through the issuance of fictitious account statements, which
falsely represented the nature of and rate of return of the investment
made by the FCSO with Provident.
Without admitting or denying the allegations in the complaint, Zein
and Provident consented to the entry of a proposed final judgment,
pending approval by the court, that would permanently enjoin them from
future violations of Section 17(a) of the Securities Act of 1933 and
Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5
thereunder. Zein also agreed to pay a civil penalty of $5,000. (Rels.
34-56522; IA-2655; File No. 3-12828); [SEC v. Mohamad Zein and
Provident Capital Investments Inc., Civil Action File No. 1:07-CV-2330
(N.D. Ga.)] (LR-20298)
IN THE MATTER OF GUY P. RIORDAN
On September 25, the Commission issued an Order Instituting
Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A
of the Securities Act of 1933, and Sections 15(b) and 21C of the
Securities Exchange Act of 1934 (Order) against Guy P. Riordan
(Riordan).
The Order alleges that Riordan, a registered representative in
Albuquerque, New Mexico, willfully violated Section 17(a) of the
Securities Act of 1933, and Section 10(b) of the Securities Exchange
Act of 1934 and Rule 10b-5 thereunder, by paying secret cash kickbacks
to the former Treasurer for the State of New Mexico in exchange for
obtaining securities transactions with the New Mexico State
Treasurer's Office. A hearing will be scheduled before an
administrative law judge to determine whether the allegations
contained in the Order are true, to provide Riordan an opportunity to
respond to these allegations, and to determine what sanctions, if any,
are appropriate and in the public interest. The Order directs the
administrative law judge to issue an initial decision within 300 days
from the date of service of the Order. (Rel. 33-8845; File No. 3-
12929).
The Commission wishes to thank the New Mexico Securities Division and
United States Attorneys Office in Albuquerque, New Mexico for their
cooperation in this matter. (Rels. 33-8845; 34-56523; File No. 3-
12829)
IN THE MATTER OF TRENT L. TUCKER
On September 25, the Commission issued an Order Instituting
Administrative and Cease-and-Desist Proceedings, Making Findings, and
Imposing Remedial Sanctions and a Cease-and-Desist Order Pursuant to
Section 8A of the Securities Act of 1933, and Sections 15(b) and 21C
of the Securities Exchange Act of 1934 (Order) against Trent L. Tucker
(Tucker).
The Order finds that Tucker, formerly a registered representative in
Albuquerque, New Mexico, willfully violated Section 17(a) of the
Securities Act of 1933 (Securities Act), and Section 10(b) of the
Securities Exchange Act of 1934 (Exchange Act) and Rule 10b-5
thereunder, by paying secret cash kickbacks to the former Treasurer
for the State of New Mexico in exchange for obtaining securities
transactions with the New Mexico State Treasurer's Office. Based on
the above, the Order directs Tucker to cease and desist from
committing or causing any violations and any future violations of
Section 17(a) of the Securities Act, and Section 10(b) of the Exchange
Act and Rule 10b-5 thereunder, bars Tucker from association with any
broker or dealer, and orders Tucker to pay disgorgement of $290,000
plus prejudgment interest, but waives the payment of such amounts and
does not impose a penalty based on Tucker's sworn financial
statements. Tucker consented to the issuance of the Order without
admitting or denying the findings therein. (Rel. 33-8846; 34-56524;
File No. 3-12830)
SEC FILES SETTLED INSIDER TRADING CHARGES AGAINST FORMER BUSINESS
CONSULTANT TO FREDERICK'S OF HOLLYWOOD, INC.
The Commission today filed a settled civil injunctive action in the
United States District Court for the District of Columbia against
Joseph P. Keeney, a former consultant to Frederick's of Hollywood,
Inc. (Frederick's), a privately held company that markets women's
intimate apparel. The Commission charged Keeney with engaging in
illegal insider trading by purchasing securities of Movie Star, Inc.
(Movie Star), a publicly traded company that also markets women's
intimate apparel, in advance of the public announcement that
Frederick's and Movie Star had entered into a merger agreement.
Without admitting or denying the allegations in the Commission's
complaint, Keeney has consented to the entry of a final judgment
imposing injunctive and monetary relief.
The Commission's complaint alleges that Keeney learned of the possible
merger at least as early as May 17, 2006, when he participated in a
meeting at which Frederick's board of directors formally launched the
efforts of its special committee to negotiate the possible merger with
Movie Star. The complaint further alleges that, beginning in June
2006, Keeney directly participated in the merger negotiations between
the special committees of Frederick's and Movie Star, and that Keeney
was charged with maintaining open and regular communication between
the two special committees. In a quarterly report filed with the
Commission on Nov. 14, 2006, Movie Star disclosed that it was engaged
in "discussions with a private apparel company with respect to a
possible combination of the companies," but without disclosing
Frederick's by name. According to the complaint, between September 14
and Nov. 20, 2006, Keeney made over a dozen purchases totaling 157,000
Movie Star shares at an average cost basis of $0.97 per share, on the
basis of material, nonpublic information concerning both the possible
merger as well as the financial projections for Movie Star he had
received in the course of the merger discussions. On Dec. 19, 2006,
both Movie Star and Frederick's publicly announced that the two
companies had entered into a merger agreement. That same day, the
price of Movie Star shares increased to close at $1.46. As a result,
the complaint alleges, Keeney had imputed illicit profits of
$77,540.50 from his unlawful trading.
Without admitting or denying the allegations in the complaint, Keeney
has agreed to settle the Commission's charges by consenting to the
entry of a final judgment that would: (i) permanently enjoin him from
further violations of Section 10(b) of the Securities Exchange Act of
1934, and Rule 10b-5 thereunder; (ii) require him to pay $81,210.96 in
disgorgement and prejudgment interest; and (iii) order him to pay a
civil penalty of $77,540.50. [SEC v. Joseph P. Keeney, C.A. No.
1:07CV01703 (JR) (D.D.C.)] (LR-20297)
INVESTMENT COMPANY ACT RELEASES
PROSHARES TRUST, ET AL.
A notice has been issued giving interested persons until Oct. 16,
2007, to request a hearing on an application filed by ProShares Trust,
et al., for an order to amend an existing order that permits: (a)
series of an open-end management investment company (Initial Funds) to
issue shares of limited redeemability that would trade in the
secondary market at negotiated prices; (b) dealers to sell the shares
to purchasers in the secondary market unaccompanied by a prospectus,
when prospectus delivery is not required by the Securities Act of
1933; and (c) certain affiliated persons of the Initial Funds to
deposit securities into, and receive securities from, the Initial
Funds in connection with the purchase and redemption of aggregations
of the shares. The amended order would permit certain new series to be
offered using additional domestic equity securities indices and
certain international equity securities indices and debt securities
indices. (Rel. IC-27975 - September 21)
WISDOMTREE INVESTMENTS INC., ET AL.
A notice has been issued giving interested persons until Oct. 16,
2007, to request a hearing on an application filed by WisdomTree
Investments, Inc., et al., for an order to amend a prior order that
permits: (a) an open-end management investment company, whose series
track the performance of certain domestic and international equity
securities indexes developed by the parent company of the series'
investment adviser, to issue shares redeemable only in large
aggregations; (b) secondary market transactions in the shares of the
series to occur at negotiated prices; (c) dealers to sell shares to
purchasers in the secondary market unaccompanied by a prospectus when
prospectus delivery is not required by the Securities Act of 1933; (d)
certain affiliated persons of the series to deposit securities into,
and receive securities from, the series in connection with the
purchase and redemption of aggregations of the series' shares; (e)
under certain circumstances, the series that track certain foreign
equity securities indexes to pay redemption proceeds more than seven
days after the tender of shares; and (f) certain management investment
companies and unit investment trusts outside of the same group of
investment companies as the series to acquire shares. The amended
order would permit the open-end management investment company to offer
additional series based on certain fixed income securities indexes and
provide that certain representations and undertakings contained in the
prior order shall not apply to a series where an entity that creates,
compiles, sponsors, or maintains an underlying index is not an
affiliated person, or an affiliated person of an affiliated person, of
the series, its investment adviser, distributor, promoter, or any sub-
adviser to the series. In addition, the amended order would delete a
condition related to future relief in the prior order. (Rel. IC-27976
- September 21)
STANDARDS SETTING BOARDS
PROPOSED RULE AMENDMENT
The Commission published for comment a proposed rule amendment (PCAOB-
2007-03) submitted by the Public Company Accounting Oversight Board
adjusting the implementation schedule for PCAOB Rule 3523, Tax
Services For Persons in Financial Reporting Oversight Roles. The
proposed rule amendment has been designated by the PCAOB as
constituting a stated policy, practice, or interpretation with respect
to the meaning, administration, or enforcement of an existing rule
under Section 19(b)(3)(A)(i) of the Securities Exchange Act of 1934,
which renders the proposal effective upon filing with the Commission.
Publication of the proposed rule amendment is expected in the Federal
Register during the week of October 1. The comment period will end 21
days after the proposed rule amendment is published in the Federal
Register. (Rel. 34-56516)
PROPOSED RULES
The Commission published for comment proposed rule amendments (PCAOB-
2006-03) submitted by the Public Company Accounting Oversight Board to
its rules governing inspections of registered public accounting firms.
Publication of the proposed rule amendments is expected in the Federal
Register during the week of October 1st. The comment period will end
21 days after the proposed rule amendments are published in the
Federal Register. (Rel. 34-56517)
SELF-REGULATORY ORGANIZATIONS
APPROVAL OF PROPOSED RULE CHANGE
The Commission granted approval to a proposed rule change, as modified
by Amendment No. 1 thereto (SR-CBOE-2007-04), submitted by the Chicago
Board Options Exchange amending its obvious error rule for equity
options. Publication is expected in the Federal Register during the
week of October 1. (Rel. 34-56487))
IMMEDIATE EFFECTIVENESS OF PROPOSED RULE CHANGES
A proposed rule change (SR-FINRA-2007-015) filed by the Financial
Industry Regulatory Authority that reflects a change in the
functionality of the NASD/NYSE Trade Reporting Facility (NASD/NYSE
TRF) to permit participants to submit trades to the NASD/NYSE TRF for
submission to the National Securities Clearing Corporation for
clearance and settlement has become effective under Section
19(b)(3)(A) of the Securities Exchange Act of 1934. Publication is
expected in the Federal Register during the week of October 1. (Rel.
34-56491)
A proposed rule change (SR-ISE-2007-83) and Amendment No. 1 thereto
filed by the International Securities Exchange to eliminate position
and exercise limits for options on the Russell 2000 Index, and to
specify that certain reduced-value options on broad-based security
indexes have no position and exercise limits has become effective
pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of
1934. Publication is expected in the Federal Register during the week
of October 1. (Rel. 34-56493)
A proposed rule change (SR-CBOE-2007-110) filed by the Chicago Board
Options Exchange to amend its obvious error rules has become effective
pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of
1934. Publication is expected in the Federal Register during the week
of October 1. (Rel. 34-56494)
A proposed rule change (SR-Amex-2007-105) filed by the American Stock
Exchange to adopt a rule providing that AEMI, the Amex's hybrid
trading platform for equities and ETFs, will function in a manner that
assures compliance with the Amex's priority and parity rules, has
become effective under Section 19(b)(3)(A) of the Securities Exchange
Act of 1934. Publication is expected in the Federal Register during
the week of October 1. (Rel. 34-56495)
A proposed rule change filed by the International Securities Exchange
relating to fee changes (SR-ISE-2007-85) has become effective under
Section 19(b)(3)(A) of the Securities Exchange Act of 1934.
Publication is expected in the Federal Register during the week of
October 1. (Rel. 34-56496)
A proposed rule change (SR-ISE-2007-86) filed by the International
Securities Exchange to commence a one year pilot program relating to a
quote mitigation plan for competitive market makers has become
effective pursuant to Section 19(b)(3)(A) of the Securities Exchange
Act of 1934. Publication is expected in the Federal Register during
the week of October 1. (Rel. 34-56497)
A proposed rule change (SR-Amex-2007-103) filed by the American Stock
Exchange Relating to Quoting Obligations in Long Term Options has
become effective pursuant to Section 19(b)(3)(A) of the Securities
Exchange Act of 1934. Publication is expected in the Federal Register
during the week of October 1. (Rel. 34-56498)
PROPOSED RULE CHANGE
A proposed rule change (SR-CBOE-2007-106) has been filed by the
Chicago Board Options Exchange regarding a proposal to amend CBOE
Rules 3.6A, 9.2, 9.3, 9.6, 9.7, 9.8, 9.10, and 26.10 (i) to integrate
the Senior Registered Options Principal and Compliance Registered
Options Principal functions of a member organization into its overall
supervisory and compliance programs and (ii) to strengthen supervisory
procedures and internal controls as they relate to a member
organization's public customer options business. Publication is
expected in the Federal Register during the week of October 1. (Rel.
34-56492)
SECURITIES ACT REGISTRATIONS
The following registration statements have been filed with the SEC
under the Securities Act of 1933. The reported information appears as
follows: Form, Name, Address and Phone Number (if available) of the
issuer of the security; Title and the number and/or face amount of the
securities being offered; Name of the managing underwriter or
depositor (if applicable); File number and date filed; Assigned
Branch; and a designation if the statement is a New Issue.
Registration statements may be obtained in person or by writing to the
Commission's Public Reference Branch at 100 F Street, N.E.,
Washington, D.C. 20549-1090 or at the following e-mail box address:
publicinfo@sec.gov. In most cases, this information is also available
on the Commission's website: www.sec.gov.
S-8 HOTEL OUTSOURCE MANAGEMENT INTERNATIONAL INC, 80 WALL ST, STE 815,
NEW YORK, NY, 10005, 2123441600 - 48,387 ($14,274.00) Equity,
(File 333-146256 - Sep. 24) (BR. 08B)
S-3 SAVIENT PHARMACEUTICALS INC, ONE TOWER CENTER, EAST BRUNSWICK, NJ,
08816, 7324189300 - 0 ($200,000,000.00) Other, (File 333-146257 -
Sep. 24) (BR. 01C)
S-3ASR EXELON CORP, PO BOX 805398, CHICAGO, IL, 60680-5398, 3123947399 -
0 ($0.00) Unallocated (Universal) Shelf, (File 333-146260 - Sep. 24)
(BR. 02B)
S-3ASR USG CORP, 125 SOUTH FRANKLIN STREET, DEPARTMENT 188, CHICAGO, IL,
60606, 312-606-4000 - 0 ($0.00) Non-Convertible Debt,
(File 333-146262 - Sep. 24) (BR. 06A)
SB-2 Tres Estrellas Enterprises, Inc., 3401 ADAMS AVE. SUITE #302,
SAN DIEGO, CA, 92116-2490, 775-352-3896 -
6,000,000 ($24,000.00) Equity, (File 333-146263 - Sep. 24) (BR. 06)
S-8 VIRYANET LTD, 5 KIRYAT HAMADA STREET, PO BOX 23052, HAR HOTZVIM,
JERUSALEM ISRAEL, L3, 91230, 5084908600 - 282,066 ($671,318.00) Equity,
(File 333-146265 - Sep. 24) (BR. 03A)
F-1 NOAH EDUCATION HOLDINGS LTD., 10TH FLOOR B BUILDING,
FUTIAN TIAN'AN HI-TECH VENTURE PARK, FUTIAN DISTRICT, SHENZHEN, F4,
518048, (86-755) 8343-2800 - 0 ($140,000,000.00) ADRs/ADSs,
(File 333-146267 - Sep. 24) (BR. 11)
S-8 Tao Minerals Ltd., OFFICINA 618, EMPRESARIAL MALL VENTURA,
CRA. 32 #1B SUR 51, MEDELLIN, F8, 00000, 807 344 2644 -
6,000,000 ($870,000.00) Equity, (File 333-146268 - Sep. 24) (BR. 04C)
S-8 STARTECH ENVIRONMENTAL CORP, 15 OLD DANBURY ROAD, SUITE 203, WILTON,
CT, 06897-2525, 202-762-2499 - 1,000,000 ($2,030,000.00) Equity,
(File 333-146269 - Sep. 24) (BR. 06A)
S-4 WESBANCO INC, 1 BANK PLAZA, WHEELING, WV, 26003, 3042349000 -
6,475,120 ($164,570,238.00) Equity, (File 333-146270 - Sep. 24)
(BR. 07A)
F-3 LEADING BRANDS INC, SUITE 1800, 1500 WEST GEORGIA STREET, VANCOUVER,
A1, V6G 2Z6, 604 685-5200 - 5,117,002 ($14,965,156.31) Equity,
(File 333-146271 - Sep. 24) (BR. 02C)
S-8 THINKPATH INC, 55 UNIVERSITY AVE STE 505, TORONTO, ONTARIO, CANADA,
M5J 2H7, 4163648800 - 2,516,575 ($208,875.72) Other, (File 333-146272 -
Sep. 24) (BR. 06C)
S-3 NORTEL NETWORKS CORP, ATTN: CORPORATE SECRETARY, 195 THE WEST MALL,
TORONTO, A6, M9C 5K1, 9058637000 -
1,150,000,000 ($1,150,000,000.00) Non-Convertible Debt,
(File 333-146273 - Sep. 24) (BR. 11B)
SB-2 China Yingxia International, Inc., HARBIN YINGXIA INDUSTRIAL CO., LTD,
NO.300, XIDAZHI STREET NANGANG, HARBIN HEILONGJIANG, F4, 150001,
86 451 86310948 - 16,150,195 ($33,957,916.00) Equity,
(File 333-146275 - Sep. 24) (BR. 04A)
S-3ASR AIRGAS INC, 259 N. RADNOR-CHESTER ROAD, SUITE 100, RADNOR, PA, 19087,
6106875253 - 0 ($115,894,402.00) Equity, (File 333-146276 - Sep. 24)
(BR. 06C)
RECENT 8K FILINGS
Form 8-K is used by companies to file current reports on the following
events:
1.01 Entry into a Material Definitive Agreement
1.02 Termination of a Material Definitive Agreement
1.03 Bankruptcy or Receivership
2.01 Completion of Acquisition or Disposition of Assets
2.02 Results of Operations and Financial Condition
2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant
2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation
under an Off-Balance Sheet Arrangement
2.05 Cost Associated with Exit or Disposal Activities
2.06 Material Impairments
3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing
3.02 Unregistered Sales of Equity Securities
3.03 Material Modifications to Rights of Security Holders
4.01 Changes in Registrant's Certifying Accountant
4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit
Report or Completed Interim Review
5.01 Changes in Control of Registrant
5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers
5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
5.04 Temporary Suspension of Trading Under Registrant's Employee Benefit Plans
5.05 Amendments to the Registrant's Code of Ethics, or Waiver of a
Provision of the Code of Ethics
6.01. ABS Informational and Computational Material.
6.02. Change of Servicer or Trustee.
6.03. Change in Credit Enhancement or Other External Support.
6.04. Failure to Make a Required Distribution.
6.05. Securities Act Updating Disclosure.
7.01 Regulation FD Disclosure
8.01 Other Events
9.01 Financial Statements and Exhibits
8-K reports may be obtained in person or by writing to the
Commission's Public Reference Branch at 100 F Street, N.E.,
Washington, D.C. 20549-1090 or at the following e-mail box address:
publicinfo@sec.gov. In most cases, this information is also available
on the Commission's website: www.sec.gov.
STATE
NAME OF ISSUER CODE 8K ITEM NO. DATE COMMENT
--------------------------------------------------------------------------------------------------------
1ST CENTENNIAL BANCORP CA 8.01,9.01 09/21/07
ACCESS INTEGRATED TECHNOLOGIES INC DE 5.02,9.01 09/18/07
ACTIVIDENTITY CORP DE 5.03,9.01 09/21/07
ACURA PHARMACEUTICALS, INC NY 1.01,9.01 09/24/07
AIR PRODUCTS & CHEMICALS INC /DE/ DE 7.01 09/24/07
AIR PRODUCTS & CHEMICALS INC /DE/ DE 7.01 09/24/07
AIR T INC DE 9.01 09/18/07
Aleris International, Inc. DE 7.01,9.01 09/21/07
Aleris International, Inc. DE 5.02 09/24/07
ALLERGAN INC DE 1.01,9.01 09/18/07 AMEND
ALLIED DEFENSE GROUP INC DE 2.01,9.01 09/18/07
ALLOS THERAPEUTICS INC DE 8.01,9.01 09/24/07
AMBIENT CORP /NY DE 8.01,9.01 09/21/07
AMERICAN URANIUM CORP NV 1.01,3.02,5.02,8.01,9.01 09/15/07
AMS HEALTH SCIENCES INC OK 3.01,8.01,9.01 09/24/07
ANALOGIC CORP MA 2.02,9.01 09/24/07
ANGELICA CORP /NEW/ MO 7.01,9.01 09/18/07
APPLIED DIGITAL SOLUTIONS INC MO 5.02 09/21/07
APPLIED MICRO CIRCUITS CORP DE 5.02,9.01 09/19/07
ARABIAN AMERICAN DEVELOPMENT CO DE 1.01 09/24/07
ARIAD PHARMACEUTICALS INC DE 8.01,9.01 09/24/07
ARRIS GROUP INC DE 1.01,8.01,9.01 09/23/07
ARTES MEDICAL INC 1.01,9.01 09/24/07
ASTORIA FINANCIAL CORP DE 2.02,9.01 09/24/07
Aurora Oil & Gas CORP UT 5.02 09/18/07
AVASOFT, INC. NV 1.01 09/12/07
AVISTA CORP WA 7.01 09/24/07
BAKERS FOOTWEAR GROUP INC MO 2.02,7.01,9.01 09/18/07
BARRIER THERAPEUTICS INC DE 9.01 09/21/07
BARRIER THERAPEUTICS INC DE 1.01,9.01 09/21/07
Biomedtex, Inc. FL 5.01,5.02,5.03,8.01 09/19/07 AMEND
BRISTOL MYERS SQUIBB CO DE 8.01,9.01 09/24/07
BUTLER NATIONAL CORP DE 8.01,9.01 09/24/07
C-COR INC PA 1.01,8.01,9.01 09/23/07
CACI INTERNATIONAL INC /DE/ DE 1.01,7.01 09/24/07
CALA CORP OK 8.01 06/30/07 AMEND
CAPITAL SOUTHWEST CORP TX 5.02 09/10/07
CARDICA INC DE 1.01 09/19/07
CARLATERAL, INC. NV 5.01,5.02 09/19/07
CDI CORP PA 1.01,9.01 09/19/07
CENTRAL FEDERAL CORP DE 8.01,9.01 09/24/07
CHAMPION PARTS INC IL 1.01,9.01 09/21/07
CHAMPPS ENTERTAINMENT INC DE 8.01,9.01 09/21/07
CHASE BANK USA, NATIONAL ASSOCIATION DE 8.01,9.01 09/21/07
CHILCO RIVER HOLDINGS INC 5.02 09/19/07
CHIQUITA BRANDS INTERNATIONAL INC NJ 5.02 09/21/07
CHYRON CORP NY 8.01,9.01 09/19/07
CINCINNATI FINANCIAL CORP OH 7.01,9.01 09/20/07
CIRTRAN CORP NV 1.01,9.01 08/15/07
CISCO SYSTEMS INC CA 8.01 09/19/07
CIT GROUP INC DE 2.03,9.01 09/18/07
CITIZENS COMMUNICATIONS CO DE 8.01,9.01 09/24/07
CKE RESTAURANTS INC DE 2.02,9.01 09/20/07
CLOROX CO /DE/ DE 5.02,5.03,9.01 09/18/07
CMGI INC DE 5.02,9.01 09/18/07
COCONNECT INC NV 1.01,9.01 09/21/07
COGENT COMMUNICATIONS GROUP INC 5.03,9.01 09/19/07
Collexis Holdings, Inc. 3.02 07/31/07
COMCAST CORP PA 8.01,9.01 07/27/07
COMTECH TELECOMMUNICATIONS CORP /DE/ DE 5.02 09/18/07 AMEND
Copper Road Inc. NV 3.02 09/24/07
CORGENIX MEDICAL CORP/CO NV 8.01,9.01 09/17/07
CORN PRODUCTS INTERNATIONAL INC DE 5.02 09/18/07
CORTS TRUST FOR WEYERHAEUSER DEBENTUR DE 8.01,9.01 09/15/07
CRITICARE SYSTEMS INC /DE/ DE 2.02,9.01 09/21/07
CROSSTEX ENERGY LP DE 1.01,2.03,9.01 09/19/07
CSK AUTO CORP DE 5.02,9.01 09/20/07
CT HOLDINGS ENTERPRISES INC DE 7.01,9.01 09/24/07
CULP INC NC 5.02 09/19/07
CURIS INC DE 5.02,5.03,9.01 09/18/07
CYTOMEDIX INC DE 8.01,9.01 09/20/07
DANA CORP VA 8.01 09/21/07
DARDEN RESTAURANTS INC FL 1.01,1.02,2.03,9.01 09/20/07
DARDEN RESTAURANTS INC FL 1.01 09/20/07 AMEND
DEL LABORATORIES INC DE 5.02,9.01 09/20/07
DELCATH SYSTEMS INC DE 1.01,8.01,9.01 09/18/07
DIGITAL ANGEL CORP DE 5.02 09/21/07
DIGITAL POWER CORP CA 5.02,7.01,9.01 09/24/07
DISTRIBUTED ENERGY SYSTEMS CORP DE 5.02 09/18/07
Dutch Gold Resources Inc CO 7.01,9.01 09/21/07
DYADIC INTERNATIONAL INC DE 5.02,8.01,9.01 09/24/07
E-Z-EM, Inc. DE 5.02,9.01 09/24/07
EASTMAN KODAK CO NJ 5.02,9.01 09/18/07
EESTech, Inc. 1.01,9.01 09/24/07
EMCOR GROUP INC DE 1.01,2.03,9.01 09/19/07
EMPIRE ENERGY CORP UT 8.01 09/21/07
ENBRIDGE ENERGY PARTNERS LP DE 8.01,9.01 09/24/07
ENCYSIVE PHARMACEUTICALS INC DE 7.01,9.01 09/24/07
ENCYSIVE PHARMACEUTICALS INC DE 5.02,8.01 09/18/07
EPLUS INC DE 2.02,9.01 09/24/07
ERF Wireless, Inc. NV 8.01 08/24/07
eTelecare Global Solutions, Inc. 1.01,9.01 09/18/07
EXACT SCIENCES CORP DE 7.01,9.01 09/24/07
EZENIA INC DE 2.05,9.01 09/24/07
FAIRPOINT COMMUNICATIONS INC DE 8.01,9.01 09/24/07
Federal Home Loan Bank of Dallas 2.03 09/18/07
FEDERAL NATIONAL MORTGAGE ASSOCIATION 7.01 09/24/07
FERRO CORP OH 5.02,9.01 09/21/07
FIRST ALBANY COMPANIES INC NY 5.03,7.01,8.01,9.01 09/18/07
FIRST COMMUNITY BANCORP /CA/ CA 7.01,9.01 09/24/07
First Horizon Asset Sec Mort Pass Thr DE 8.01,9.01 09/24/07
First Horizon Asset Sec Mort Pass Thr DE 8.01,9.01 09/24/07
FIRST IPSWICH BANCORP /MA MA 8.01,9.01 09/24/07
FIRST LITCHFIELD FINANCIAL CORP DE 8.01,9.01 09/20/07
FLAGSTAR BANCORP INC MI 7.01,9.01 09/24/07
FORCE PROTECTION INC NV 5.02,9.01 09/18/07
FOSSIL INC DE 1.01,9.01 09/19/07
FRANKLIN BANK CORP 7.01,9.01 09/24/07
FURNITURE BRANDS INTERNATIONAL INC DE 7.01,9.01 09/18/07
GD Conference Center, Inc DE 5.01,5.02,5.06,9.01 09/20/07
GE Capital Credit Card Master Note Tr DE 8.01,9.01 09/17/07
GENCO SHIPPING & TRADING LTD 7.01 09/21/07 AMEND
GENESCO INC TN 8.01,9.01 09/24/07
GENESIS BIOVENTURES INC NY 5.02,5.03,8.01 09/12/07
GEOGLOBAL RESOURCES INC. DE 7.01,9.01 09/24/07
GEOKINETICS INC DE 5.02,7.01,9.01 09/21/07
GLOWPOINT INC DE 1.01,2.03,3.02,3.03,5.02,5.03, 09/21/07
8.01,9.01
GREAT PLAINS ENERGY INC MO 1.01,2.03 08/19/07
GROUP 1 AUTOMOTIVE INC DE 7.01,9.01 09/19/07
HARMAN INTERNATIONAL INDUSTRIES INC / DE 7.01,9.01 09/21/07
Hartford Life Global Funding Trust 20 DE 1.03,2.01,8.01,9.01 09/17/07
HAWKINS INC MN 5.02 09/18/07
HCP, INC. MD 9.01 08/06/07 AMEND
HEALTHCARE ACQUISITION CORP DE 1.01,2.01,3.02,3.03,5.02,5.03, 08/03/07 AMEND
5.06,8.01,9.01
HEALTHSTREAM INC TN 8.01,9.01 09/24/07
HEIDRICK & STRUGGLES INTERNATIONAL IN DE 8.01,9.01 09/20/07
HINES HORTICULTURE INC DE 5.02 09/19/07
HMS HOLDINGS CORP 7.01,9.01 09/21/07
HOLLIS EDEN PHARMACEUTICALS INC /DE/ DE 1.02 09/19/07
Homeland Security Network, Inc. 3.01 09/21/07
HOSPITALITY PROPERTIES TRUST MD 9.01 09/24/07
HUMANA INC DE 7.01 09/24/07
IA GLOBAL INC DE 2.03 09/14/07
Ignis Petroleum Group, Inc. 4.02 08/14/07 AMEND
IMATION CORP DE 9.01 07/09/07 AMEND
INHIBITEX, INC. 1.01,2.01,5.02,9.01 09/19/07
INPHONIC INC 5.02,9.01 09/18/07
INTELISYS AVIATION SYSTEMS OF AMERICA DE 5.02 09/18/07
INTERMUNE INC DE 9.01 09/20/07
INTERNATIONAL BARRIER TECHNOLOGY INC/ 7.01,9.01 09/18/07
Investors Bancorp Inc DE 5.03,9.01 09/18/07
INVISA INC 5.02 09/19/07
ION GEOPHYSICAL CORP DE 5.03,7.01,9.01 09/21/07
IPORUSSIA INC DE 8.01 09/19/07
J CREW GROUP INC DE 8.01 09/24/07
J P MORGAN CHASE & CO DE 9.01 09/20/07
JACK IN THE BOX INC /NEW/ DE 5.03,9.01 09/21/07
JACKSON HEWITT TAX SERVICE INC DE 1.01 09/21/07
JOHNSON CONTROLS INC WI 5.02 09/18/07
KANSAS CITY SOUTHERN DE 1.01,1.02,9.01 09/24/07
KENSEY NASH CORP DE 7.01,9.01 09/24/07
KERYX BIOPHARMACEUTICALS INC DE 5.02,9.01 09/20/07
KEY ENERGY SERVICES INC MD 8.01 09/24/07
KeyOn Communications Holdings Inc. DE 2.02,9.01 09/24/07
KeyOn Communications Holdings Inc. DE 2.01,9.01 08/09/07 AMEND
Kimball Hill, Inc. IL 5.02 09/21/07
LABRANCHE & CO INC DE 5.02 09/18/07
LAIDLAW INTERNATIONAL INC DE 5.02 09/24/07
LBI MEDIA HOLDINGS INC 2.01,2.03 09/24/07
LEXINGTON REALTY TRUST MD 1.01,5.05,9.01 09/21/07
LIBERTY PROPERTY TRUST MD 1.01,9.01 09/20/07
LIBERTY RENEWABLE FUELS LLC 1.01,9.01 08/10/07
Lightstone Value Plus Real Estate Inv MD 5.02 09/18/07
Lincolnway Energy, LLC IA 8.01 07/02/07 AMEND
LONG ISLAND PHYSICIAN HOLDINGS CORP NY 5.02 09/12/07
LSB INDUSTRIES INC DE 8.01 09/24/07
MADISON GAS & ELECTRIC CO WI 1.01,2.03,9.01 09/19/07
Magnum dOr Resources Inc 2.01,7.01,9.01 09/21/07
MAINSTREET BANKSHARES INC VA 1.02,8.01,9.01 09/19/07
MANNATECH INC TX 1.01,5.02,9.01 09/18/07
MARCHEX INC DE 2.01,7.01,9.01 09/19/07
MEDIFAST INC DE 5.02,8.01 09/24/07
MERRILL LYNCH & CO INC DE 3.03,5.03,8.01,9.01 09/21/07
MERRILL LYNCH & CO INC DE 8.01,9.01 09/24/07
Merrill Lynch First Franklin Mortgage DE 8.01,9.01 09/07/07
MESA AIR GROUP INC NV 8.01,9.01 09/21/07
METAL MANAGEMENT INC DE 1.01,9.01 09/24/07
MFB CORP IN 5.02 09/21/07
MIDDLESEX WATER CO NJ 8.01,9.01 09/24/07
MSTI Holdings, Inc. DE 1.01,9.01 09/21/07
Natural Nutrition Inc. NV 8.01,9.01 08/09/07
NEKTAR THERAPEUTICS DE 5.02 09/18/07
NEW YORK HEALTH CARE INC NY 1.01,8.01,9.01 09/20/07
NORD RESOURCES CORP DE 8.01,9.01 09/24/07
NORTHEAST UTILITIES MA 7.01,9.01 09/24/07
NORTHRIM BANCORP INC AK 8.01,9.01 09/20/07
NOVACEA INC DE 5.02,7.01,9.01 09/19/07
NRG ENERGY, INC. DE 8.01,9.01 09/24/07
NYER MEDICAL GROUP INC FL 8.01 09/19/07
O2DIESEL CORP 8.01 09/20/07
OCTILLION CORP 5.02,7.01,9.01 09/19/07
ON2 TECHNOLOGIES, INC. DE 8.01,9.01 09/21/07
ON2 TECHNOLOGIES, INC. DE 8.01,9.01 09/24/07
Opteum Inc. MD 5.03,7.01,8.01,9.01 09/24/07
Orange 21 Inc. DE 7.01,9.01 09/21/07
ORMAT TECHNOLOGIES, INC. DE 5.02,9.01 09/24/07
OTTER TAIL CORP MN 1.01,9.01 09/20/07
OVERLAND STORAGE INC CA 5.02,8.01 09/18/07
PACIFIC GAS & ELECTRIC CO CA 5.02,5.03,8.01,9.01 09/19/07
PALM INC DE 5.02 09/18/07
PARK NATIONAL CORP /OH/ OH 8.01,9.01 09/21/07
PATTERSON UTI ENERGY INC DE 5.02,9.01 09/21/07
PEMCO AVIATION GROUP INC DE 2.01,5.03,9.01 09/19/07
Penn Virginia GP Holdings, L.P. 2.01,9.01 09/24/07
PENN VIRGINIA RESOURCE PARTNERS L P DE 2.01,9.01 09/24/07
PENSON WORLDWIDE INC DE 1.01 09/19/07
PEOPLES EDUCATIONAL HOLDINGS MN 7.01,9.01 09/24/07
PEPCO HOLDINGS INC DE 7.01,9.01 09/24/07
PETRO RESOURCES CORP DE 1.01,9.01 09/19/07
PETROQUEST ENERGY INC DE 1.01,3.03,5.03,9.01 09/19/07
PG&E CORP CA 5.02,5.03,8.01,9.01 09/19/07
PIERRE FOODS INC NC 2.02,9.01 09/21/07
PNM RESOURCES INC NM 5.02,9.01 09/24/07
PointStar Entertainment Corp. NV 1.01,2.01,3.02,5.01,5.02,5.06, 09/18/07
9.01
POWERWAVE TECHNOLOGIES INC DE 1.01,2.03,3.02,9.01 09/18/07
PRG SCHULTZ INTERNATIONAL INC GA 3.02 09/18/07
PRIME GROUP REALTY TRUST MD 5.02 09/24/07
PRIVATEBANCORP, INC DE 7.01 09/24/07
PRO PHARMACEUTICALS INC NV 5.02,9.01 09/24/07
PROGENICS PHARMACEUTICALS INC DE 8.01,9.01 09/19/07
PUBLIC SERVICE CO OF COLORADO CO 1.01 09/21/07
PURE BIOSCIENCE CA 4.01,9.01 09/19/07
RADIATION THERAPY SERVICES INC FL 8.01,9.01 09/21/07
RALI Series 2007-QH8 Trust DE 8.01,9.01 09/21/07
RAMBUS INC DE 2.04 09/20/07
REGEN BIOLOGICS INC DE 5.03,9.01 09/21/07
RENOVIS INC DE 1.01,3.03,9.01 09/18/07
RICA FOODS INC NV 4.01 09/18/07
Santa Lucia Bancorp CA 8.01,9.01 09/21/07
SCIENTIFIC INDUSTRIES INC DE 8.01 09/20/07
SEACHANGE INTERNATIONAL INC DE 3.01,4.02,9.01 09/18/07
SECURITY BANK CORP GA 5.03,9.01 09/24/07
Security With Advanced Technology, In CO 2.01,9.01 07/10/07 AMEND
SMART ONLINE INC 8.01 09/19/07
Soltera Mining Corp. NV 1.01,1.02,7.01,9.01 08/29/07
SONUS PHARMACEUTICALS INC DE 8.01,9.01 09/24/07
SPORT CHALET INC DE 7.01,9.01 09/19/07
STARM Mortgage Loan Trust 2007-4 DE 8.01,9.01 09/24/07
STATE STREET CORP MA 5.02 09/18/07
Structured Asset Mortgage Investments DE 9.01 08/31/07
STRUCTURED PROD CORTS TR II FOR PROVI DE 8.01,9.01 09/15/07
STRUCTURED PRODUCTS CORP CORTS FOR PR DE 8.01,9.01 09/15/07
STRUCTURED PRODUCTS CORP CORTS TR III DE 8.01,9.01 09/15/07
STRUCTURED PRODUCTS CORP CORTS TRUST DE 8.01,9.01 09/15/07
SUN-TIMES MEDIA GROUP INC DE 5.02 09/19/07
Sunrise Mining CORP NV 5.01,7.01,9.01 09/21/07
SUPERIOR INDUSTRIES INTERNATIONAL INC CA 5.02 09/19/07
Sweet Success Enterprises, Inc NV 8.01 09/17/07
SWS GROUP INC DE 5.02,8.01,9.01 09/21/07
SYNNEX CORP DE 2.02,9.01 09/24/07
SYSCO CORP DE 5.02 09/18/07
Tarpon Industries, Inc. MI 1.02,8.01,9.01 09/19/07
TESSERA TECHNOLOGIES INC DE 7.01,9.01 09/24/07
TIMBERLAND CO DE 5.02,9.01 09/24/07
TORVEC INC NY 8.01 09/24/07
TRANSCOMMUNITY FINANCIAL CORP VA 8.01,9.01 09/24/07
TRIDENT MICROSYSTEMS INC DE 3.01,9.01 09/19/07
TURBOCHEF TECHNOLOGIES INC DE 5.02 09/21/07
TVIA INC DE 4.01,9.01 08/13/07
TVIA INC DE 5.02,9.01 09/12/07
Tyco Electronics Ltd. D0 8.01,9.01 09/21/07
URANERZ ENERGY CORP. NV 1.01,7.01,9.01 09/19/07
US 1 INDUSTRIES INC IN 3.02 09/21/07
VALEANT PHARMACEUTICALS INTERNATIONAL DE 1.02 09/19/07
VALENCE TECHNOLOGY INC DE 3.02,9.01 09/20/07
Volkswagen Auto Lease Trust 2005-A 1.02,2.01,8.01,9.01 09/20/07
Warner Chilcott Ltd D0 8.01,9.01 09/24/07
WASHINGTON TRUST BANCORP INC RI 5.03,9.01 09/20/07
WATERFORD GAMING LLC DE 8.01 09/24/07
WELLS FARGO & CO/MN DE 9.01 09/24/07
WELLS REAL ESTATE INVESTMENT TRUST II MD 8.01,9.01 07/11/07
WENTWORTH IV INC DE 1.01,3.02,9.01 09/18/07
WHITEMARK HOMES INC CO 5.02 09/12/07
XCEL ENERGY INC MN 2.02,9.01 09/24/07
XCEL ENERGY INC MN 1.01 09/21/07
XCORPOREAL, INC. DE 7.01,9.01 09/24/07
XL CAPITAL LTD 9.01 09/21/07
YORK WATER CO PA 5.02 09/24/07
YTB International, Inc. NY 7.01,9.01 09/24/07
Zagg INC 1.01,9.01 09/19/07
ZANETT INC DE 3.01,9.01 09/24/07